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POLL RESULT: The Mighty River share price was decided by the Crown. Should the book build have been conducted on market?

POLL RESULT: The Mighty River share price was decided by the Crown. Should the book build have been conducted on market?

by National Business Review 10 May 2013

NBR has called for more transparency with IPO book builds, and readers strongly agree. The question now: will Finance Minister Bill English and SOE Minister Tony Ryall listen as they emark on the next three power company partial privatisations?

Getting a better deal on capital raisings

Getting a better deal on capital raisings

by Christine St Anne (Morningstar) 09 Jan 2013

Christine St Anne: Our Head of Equities, Peter Warnes recently made some comments about retail investors getting unfair access to deals like IPOs. A new service from the ASX aims to change that.  Today, I'm joined by Ben Bucknell to tell us a little bit more about ...

Why resources juniors are doing it tough

Why resources juniors are doing it tough

by Justin Mannolini (Business News Western Australia) 21 Nov 2012

Listed companies and their advisers will need to be nimble to adapt to the changing dynamics of project funding. Many junior listed companies, particularly in the resources sector, are looking towards the New Year with the same sense of dread as in the latter half of 2008.

In search of equity

In search of equity

by Tony Featherstone (Australian Institute of Company Directors) 01 Oct 2012

A new tool from the Australian Securities Exchange (ASX) will help the boards of listed companies better meet their corporate governance obligations around capital raisings and address concerns that some primary market issues lack transparency and disadvantage small investors.

ASX bookbuilding blocks for success

ASX bookbuilding blocks for success

by Stephen Bartholomeusz (Business Spectator) 24 Sep 2012

One of the curious aspects of the proposal for an ASX-operated bookbuild facility for capital raising that the ASX unveiled last week is the way in which the investment banks are characterising it as an assault on their franchises while the ASX is trying to ...

Fund managers back ASX book-builds

Fund managers back ASX book-builds

by Philip Baker, George Liondis and Stephen Shore (AFR) 21 Sep 2012

The Australian Securities Exchange has received critical support from fund managers and shareholder representatives over its radical plan to carry out book-builds for company floats and capital raisings.

ASX move sheds light on dark art of book-builds

ASX move sheds light on dark art of book-builds

by Stephen Shore (AFR) 21 Sep 2012

Earlier this year, retail investors were shocked to learn they would only get a fraction of the deeply discounted stock QBE Insurance was giving away as it tried to raise money to repair its balance sheet.

ASX Eyes World's First Book-Building Tool For IPOs, Capital Raising

ASX Eyes World's First Book-Building Tool For IPOs, Capital Raising

by Caroline Henshaw (Wall Street Journal) 21 Sep 2012

 Australia's main exchange is hoping to launch what it claims is the world's first product to allow companies to build their own books for initial public offerings and capital raising. Until now, bookbuilding has always been the exclusive domain of investment banks, which decide ...

ASX proposal boosts market

ASX proposal boosts market

by Australian Financial Review 21 Sep 2012

An Australian Securities Exchange proposal to compete with brokers and investment banks in a key part of the capital raising market should be welcomed as introducing more competition and transparency.

ASX loosens banks' grip on equities

ASX loosens banks' grip on equities

by John Durie (The Australian) 20 Sep 2012

THE Australian Securities Exchange has taken the first step to potentially break the investment banks' control of the equities capital market by proposing to manage the book-build process. The present system is led by the banks who run in-house auctions to raise equity ...

ASX plots book-build takeover

ASX plots book-build takeover

by George Liondis and Stephen Shore (AFR) 20 Sep 2012

The Australian Securities Exchange is on a collision course with the country's biggest investment banks over a plan to conduct book-builds of allocations for company floats and capital raisings openly on the market itself.

Rights issue rush for junior miners

Rights issue rush for junior miners

by Stephen Shore (AFR) 11 Jul 2012

Junior mining companies are increasingly resorting to heavily discounted rights issues to fund projects amid fears the resources boom has peaked. In late June, the small resources index hit its lowest level in three years.

Billabong kicks sand in shareholders' faces

Billabong kicks sand in shareholders' faces

by John Durie (The Australian) 22 Jun 2012

BILLABONG is a textbook case on what can happen to shareholders in the wrong company at the wrong time -- a stock selling at $6.42 one year ago will open next week at closer to $1 a share. The litany of shareholder disasters is primarily due to the collapse in ...

ASX critics miss the mark

ASX critics miss the mark

by Tony Boyd (AFR) 27 Apr 2012

Elmer Funke Kupper ’s latest effort to ensure the Australian Securities Exchange can maintain its competitive position while making it ­easier for mid- and small-cap companies to raise capital is a welcome move and not a wholesale attack on shareholder rights.

When dilution amounts to daylight robbery

When dilution amounts to daylight robbery

by David Potts (Sydney Morning Herald) 15 Apr 2012

SHAREHOLDERS are being mugged mercilessly but you won't see it on the nightly news. The market isn't the culprit I have in mind either, not that it's covered itself in glory. This is about boards behaving badly - those handing over shares so discounted as to be free ...

Why shareholders get shunned

Why shareholders get shunned

by Andrew White (AFR) 12 Apr 2012

Guy Foster put on a brave face as he tried to hold the investment banking line against one barrage after another from the big three investors who had lined up in the amphitheatre of Melbourne Business Schol last Tuesday.

Return to raising chicanery feared

Return to raising chicanery feared

by James Frost (The Australian) 07 Apr 2012

HAVE the bad old days of capital raisings, with select shareholders given preferential treatment, returned to haunt us? That's the question being asked following a pair of highly scrutinised share issues worth more than $1 billion by QBE and Bank of Queensland.

QBE says small holders treated fairly despite scramble for issue

QBE says small holders treated fairly despite scramble for issue

by Eric Johnston (Sydney Morning Herald) 06 Apr 2012

QBE has insisted it tried to favour retail investors under a $600 million capital raising despite the smaller shareholders being left scrambling for stock this week. The comments came as the Australian Securities and Investments Commission warned it may seek to toughen laws ...

Capital concern takes centre stage

Capital concern takes centre stage

by Andrew White (AFR) 04 Apr 2012

Fund managers have strengthened the push for an overhaul of capital-raising structures and practices in Australia as the corporate regulator called on company boards to do a better job of explaining them to shareholders.

Call to make capital raisings fairer for all

Call to make capital raisings fairer for all

by James Frost (The Australian) 04 Apr 2012

FUND managers have called for directors to ensure that capital raisings are fair for all -- or risk alienating key shareholders. Following a heavily criticised share placement and rights issue from the Bank of Queensland, a group of fund managers at yesterdays Ownership Matters ...

Watchdog sniffing at capital raisings

Watchdog sniffing at capital raisings

by Ruth Williams (Sydney Morning Herald) 04 Apr 2012

AUSTRALIA's corporate regulator has told companies they should voluntarily disclose more information about capital raisings, warning that it may seek to toughen laws if shareholders are repeatedly disadvantaged in raisings.

Why capital-raisings anger long-term shareholders

Why capital-raisings anger long-term shareholders

by Myriam Robin (SmartCompany) 04 Apr 2012

Long-term equity holders have accused Australian company directors of being unaware of the effects of capital raisings on existing shareholders. The comments came yesterday at a heated panel discussion on the ethics of capital raisings held by institutional governance ...

Asset Managers Decry Share Sales Process

Asset Managers Decry Share Sales Process

by Brett Cole (I&T News) 04 Apr 2012

“We’re concerned about fairness, transparency, price, allocations and costs” in initial public offerings and secondary share sales, says Telstra Super's John Eliopoulos. Guy Foster, head of equity capital markets in Australia for Bank of America Merrill Lynch, was red in the face.

Equity issues - a question of equity

Equity issues - a question of equity

by Joyce Moullakis (AFR) 02 Apr 2012

Some of Australia's biggest institutional investors have reignited concerns about how companies are conducting equity raisings, arguing that share placements are not always managed in a fair and equitable manner.

BoQ raises more than just capital

BoQ raises more than just capital

by Joyce Moullakis (AFR) 31 Mar 2012

Speed and execution were central as Bank of Queensland boss Stuart Grimshaw kicked off $450 million capital raising this week, at the same time as he revealed a surge in bad debt provisions. The raising has, however, opened old wounds among some large shareholders.